Mishra, wife ride high on real estate boom

DELHI: West Delhi MP Mahabal Mishra seems to have gained the most from the city's real estate boom. In the past five years, there has been an exponential increase in Mishra's and his wife's assets. Their immovable belongings, which were valued at Rs 2.75 crore in 2009, are worth Rs 33.46 crore today.

While Mishra alone has assets pegged at Rs 16.66 crore-Rs 13.81 crore of immovable property and Rs 2.85 crore of movable assets. His wife, meanwhile, has immovable property worth Rs 19.65 crore. Mishra has derived the maximum benefit from his old investments in areas like Nangloi, where he and his wife own six Delhi State Industrial and Infrastructure Development Corporation (DSIIDC) sheds; Mahavir Enclave, and Vijay Enclave near his residence in Dwarka.

After being elected as MP in 2009, Mishra has bought two properties-a non-agricultural land in Mundka and a DSIDC shed in Nangloi Industrial Area. The 2,500 sq yard non-agriculture land which he had bought in 2009 for Rs 10.10 lakh, is now worth Rs 2.5 crore. The value of the DSIDC shed, which he had bought for Rs 1.79 crore, has shot up to Rs 2.5 crore.

In the last decade, Mishra has invested heavily in real estate. The couple together has 18 properties, both commercial and residential, across the city. Most of these properties have been bought during his tenure as a municipal councillor and member of the Delhi assembly. Mishra has also inherited property worth Rs 1.32 crore in Bihar.

The couple has movable assets worth Rs 5.35 crore compared to Rs 12.35 lakh in 2009. Apart from policies, Mishra and his wife have invested in equity and term deposits. Mishra and his wife have shares worth around Rs 80 lakh in U&M Overseas Pvt Ltd, an unlisted company.

The couple has capital accounts worth Rs 1.5 crore each in two proprietorship firms. Mishra owns two SUVs worth Rs 45 lakh, while his wife has a Honda Civic. In the past five years, their liabilities have increased from Rs 15 lakh (in 2009) to Rs 86 lakh. The Delhi election commission has so far received 135 affidavits, of which 91 were filed on Friday.

To date, 83 candidates have filed their nominations. The last day for filing nomination is Saturday.

DELHI: Circle rate is the minimum value at which the sale or transfer of a plot, built-up house, apartment or a commercial property can take place. Market price is the value of such an asset for a transaction between a seller and buyer which is done at an arm length’s principle – with the price determined by the market forces of supply and demand.

DELHI: Private equity firm Golden State Capital (GSC) said it will set up a real estate investment trust (REIT) to spearhead operations in India. The company, which hopes to raise $500 million (around ?3,060 crore today) by listing the REIT in Singapore, intends to invest $1 billion over the next three years in stabilised offices that are FDI-complaint.

DELHI: Indian real estate has progressed in leaps and bounds in the last decade and one can marvel at the rapid growth of high rise buildings across the country, be it in the inner cities, suburbs or 2nd tier towns.

DELHI: There is good news for homeowners who bought flats on hire purchase basis but could not pay in time and are unable to convert their properties from leasehold to freehold as the Delhi Development Authority (DDA) has recently approved a fresh Penalty Relief Scheme.

DELHI: At the very basic, wealth creation refers to the process of deploying your money in a manner that there is real-value accretion over the long run. In other words, you should deploy your savings in such a way that the rate of return on your money beats the rate of inflation.

DELHI: Taking up the issue of allotment of multiple plots in the defence category and under discretionary quota by HUDA, the Punjab and Haryana high court on March 13 asked the urban development authority to submit the names of all allottees who were allegedly granted multiple plots. According to HUDA records, around 8,000 people have taken multiple plots under various categories in contravention of the norms.

DELHI: The Clash of the Condominiums has come to the deciding stage. A survey conducted by the Indian Market Research Bureau in association with The Times of India has identified 15 finalists among 150 societies that will vie for the honour of being among the best five places in the city to live in.